Fitch Ratings has placed a BBB-(EXP) rating on State Bank of India's (NSE:SBIN, BOM:500112) proposed senior unsecured notes, according to a Sunday release.
The notes represent the bank's obligations and will rank equally with its other unsubordinated and unsecured obligations, Fitch said.
The notes have the same rating as the bank's long-term issuer default rating, with changes in the latter also triggering similar movements for the notes.
The bank's rating considers a "bbb-" government support rating, based on Fitch's view that it is highly likely to obtain extraordinary government support if needed.
The bank has a very high strategic importance to the state, given its status as India's largest bank, the government's majority stake, and its broader policy role.
The outlook is stable, which is similar to that of the sovereign.
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